Property Picture

Price: $1,388,000
Property Type: Retail
Status: In Contract
Address: 2070 E. US-223
                  Adrian, MI  49221
CAP Rate: 9%
Square Feet: 8,000
Tenancy Type: Mixed
Lease Type: NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the 8,000 S.F., Kohl’s shadow anchored, Adrian Plaza, located in Adrian, Michigan. The plaza is being offered for $1,388,000, representing an 9.00% CAP and provides an investor the opportunity to acquire a stable center that includes recession proof retailers as well as alternative users.

Additionally, the property offers long-term stability with ProMedica Home Medical Equipment (a division of the ProMedica Health System/Partners) and Jed’s BBQ on new 10-year leases as well as Sally Beauty (NYSE: SBH/S&P ’BB+”) on a recent 5-year extension. ProMedica has a system of 17,000 employees and 600 employed providers serving nearly 4 million patient encounters annually at more than 300 sites, including 13 hospitals. Jed’s is a new fast-causal concept that is rapidly expanding and now has 8 locations and is in the process of opening 3 more locations in the Michigan/Ohio markets. The current tenant roster includes all Triple Net (NNN) lease structures and reimbursement of either administrative or management fees. The center boasts a welcoming curb appeal with great visibility, excellent frontage and prominent pylon signage. The property also has easy access with multiple points of ingress and egress being positioned on the hard corner of US-223 and Treat Street (34,000 VPD surrounding the center). Adrian Plaza is positioned in a college town surrounded by students of Siena Heights University (3 miles, 2,630 students), Jackson College (4 miles, 6,988 students) and Adrian College (4 miles, 1,654 students). The plaza is also positioned in the heart of the retail corridor and surrounded by other complimentary retailers, including Adrian Mall, Lowe’s, Marshall’s, Walmart Supercenter, Verizon, Starbuck’s, Meijer, Chipotle, Ulta, and more. Furthermore, the property is within just a couple of miles from some of the area’s largest employers. ProMedica’s Bixby Medical Center has diligently served the health care needs of the greater Adrian, Michigan community for more than 100 years and has over 1,300 employees. The hospital provides full-service acute care, 88-beds and more than 120 doctors. Additionally, Adrian is home to Lenawee County with 500 employees, Adrian Mall, which anchors Dunham’s Sports, Hobby Lobby, Bath & Body Works, GNC, Pearl Vision, Bob Evans and Buffalo Wild Wings with 487 employees, Adrian Public Schools/Lenawee Intermediate Schools (815 total employees), Adrian Steel Company (345 employees), Inergy (325 employees) and many more. The center also benefits from being located as a suburb to densely populated cities, such as Ann Arbor (approximately 30 miles northeast) and Toledo, Ohio (approximately 30 miles southeast). Some of the residential base in Adrian also commutes to the larger cities via US-223, passing the center on their route. Being positioned amidst the college/university students with the diverse mix of uses, services and long-term lease terms; the asset is well insulated for possible shifts in consumer retail demands and trends and will be a quality asset for many years to come.

    Full Offering Memorandum